Technical analysis

Bitcoin (BTC) Price at the Foothill of Massive Explosion-Primed to Hit $50,000 in May 2023

The crypto markets appear to have reached the final capitulation phase as the prices after forming an interim high, are falling apart. Bitcoin price which was trading within a bullish trend during the past week has scrambled down with a deep bearish trend soon. The technicals also flash bearish signals and due to this, the BTC price appears to shed some of its gains very soon. 

In the meantime, the prevailing descending trend is believed to set a trigger for a massive uptrend soon. However, before the price begins with a notable upswing, a minor plunge is expected to drag the price below $16,500 which may ignite a significant upswing soon. As per a popular analyst, the BTC price is believed to be a significant bull run, by the end of Q1 2023. 

Source: Tradingview

In the short term, the BTC price had risen above the bearish descending triangle, displaying the possibility of igniting a notable upswing soon. As per the current forecast, the BTC price is believed to ignite a notable upswing and maintain an ascending trend for the next 6 months. The analyst also believes that the upcoming 45 days may witness extreme consolidation for the token and the entire crypto space. 

Further by the end of January 2023 or early February, a breakthrough impulse may occur which may keep up a bullish trend until the mid of May 2023 which may rise the Bitcoin (BTC) price close to $45,000. At the same time, the analyst also believes that the altcoins may also shoot up which is pivotal to setting up a bullish trend within the crypto space that may attract strong hands back into the space. 

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